Which is the best crypto currency trading bots, what are your experiences.
(View this answer on Musing.io)
First i want to say that most trading bots are shit. Developers just want to make a quick buck by selling you their crappy software. The reason is that if they have a good bot most developers just keep it for themselves.
A few weeks back i heard about this crypto trading bot called GSMG. What i like about it is that they ask no fee to use their bot unless you make a profitable trade. They work based on no cure no pay. So they have an incentive to make the trading bot profitable otherwise they make no money themselves.
From a business perspective it makes sense to me because they get a fee on the profitable trades instead of just selling their software for one time payment or monthly fee. This makes them more of a wealth management firm than just a software developer. They have currently 2 million dollar worth of crypto traded with the bot and the number keeps growing. So they can make more money than using the bot just themselves and for customers it's also better than just a buy and holding strategy, so it's more of a win win situation.
I tried the bot on one of my Binance accounts, it's very easy to setup. But you have to know what you are doing since you can tweak the settings of the trading bot yourself. First read the FAQ a few times on their website so you have a good understanding how it works. The strategy of the bot is what i would call scalping. Which can work very well with cryptocurrencies since the volatility is so high. But this is a strategy that works best in a bull or sideway market. In a bear market you will lose value in dollar but you will acquire more BTC value. So if you are bullish long term about crypto it's much better than a buy and holding strategy. Since you can use the bot to acquire more of your favorite cryptocurrencies by trading short term.
They give all new users some free credits to try it out:
https://gsmg.io/register?referral=3c043d45d4977608ab312b01e90255ff
Currently the exchanges Binance and Bitfinex are supported.
i think no bot perform good in every situation. maybe in the future ki will change the strategy between low and high volatility and up, dow and range markets.